Why Mature Storage Facilities Are Cash Cows!!

Happy Saturday folks,

Its your favourite time of the day again .... Mr Self Storage Newsletter time ... YEY! ;-)

Love you to press reply and tell me what you love and dislike about the newsletter ... Be gentle though, my self worth cant take to much criticism :-)

Here's what coming your way today :-

• Industry News .... 470 Container site approved

• How much we've invoiced so far this month

• Yesterday's Figures ... How did we do?!

• Meme of the day

• Thought of the day - Mature sites rule

• My fitness journey - Move More .... Live Longer

Industry News -

• 1 - Life Storage Board unanimously reject $11 billion from Public Storage

WOW ... what a story!!

www.businesswire.com/news/home/20230216005788/en/Life-Storage-Board-of-Directors-Unanimously-Rejects-Unsolicited-Proposal-from-Public-Storage

• 2 - MASSIVE 470 container site approved in Stockton, UK

That is HUGE my friends!!

That would cost over £1.3 Million just on containers!

www.gazettelive.co.uk/news/teesside-news/huge-self-storage-container-development-26257542

• 3 - A Burst Pipe caused damage to over 130 customers

How did it happen ... A customer lost balance after stacking their unit too high and grabbed on to the sprinkler ... The pipe broke!

Can you imagine been the customer who broke the pipe :-/

insideselfstorage.com/disaster/busted-how-broken-pipe-my-self-storage-facility-taught-me-prepare-disaster

TRUE PERIOD REVENUE (Basically invoices sent so far this month)

Beverley -

Willerby -

• Because of the software we use we only have 2 of the 4 sites True Period Rev ... We will have Wrexham for you shortly!

• February's revenue is always less because of the amount of days in the month

The fun bit - My business .... Bare Butt Naked!

Willerby Figures .... The BIG One

Yesterdays Results -

• 4 Res ... Boom!

• 2 Move Ins

• 1 Move outs

Month to Date -

• Minus 1,180 Sq Ft for the month

Reservations so far this week - 7

Move ins so far this week - 5

Clough Rd Figures .... The Automated Site

Yesterdays results -

• 0 Reservations!

• 0 Move in

• 3 Reservations is shocking so far for the week ... Especially given we have 31 quotes. MUST change soon ... we are so much better than 10% conversion!

Month to Date -

• 225 SQ FT Up for the month so far.

• 250 Sq Ft Down in one day!! Aghhh!

Reservations so far this week - 3

Move ins so far this week - 3

Beverley ... My baby ... My first site! -

Yesterdays results -

• 0 Reservation today at Beverley!

• 1 Move In with £7,000 insurance

Month to Date -

• 665 Sq Ft Up for the month

Reservations so far this week - 2

Move ins so far this week - 3

Wrexham's Figures (Indoor) ... My First acquisition

• I got a text telling me had a reservation and a move in ... I was excited and asked what size .... I then got told 10 Sq Ft :-)

Reservations so far this week - 1

Move ins so far this week - 1

Total reservations for the week (all sites) - 13

Total move ins for the week (all sites) - 12

Self Storage Meme of the day -

Thought of the Day -

When your self storage facility is a mature site its an absolute gold mind (even if your a D class operator)

A mature facility = (I think ... Dont quote me on this) is a site that hasnt had any expansions in the last 2 years. I could easily be wrong on this but im sure thats how the SSA define it

The reason I think a mature site is a gold mind is because over the years you collect longer term customers.

This translates to :-

• Your churn rate is less

• The price per Sq Ft for longer term customers is higher (it should be with the correct revenue management in place)

All this ultimately means -

• Your more profitable

• You dont need as many new customers moving in as your not losing as many existing customers

Look at my 2 mature sites -

• Beverley (11 years old) - Moved out just over 300 Sq Ft this month

• Wrexham (15 years old) - Moved out just 50 Sq Ft this month

Then you look at Willerby and weve moved out nearly 3,000 Sq Ft ... Granted it is a lot bigger site but the churn rate is still higher!

Health and Fitness ... Move More = Live Longer -

Weekly goals -

• Gym - 3 times (im away with the kids, so will be hard)

• Run - 40 K

Results so far -

• Gym - 2

• Run - 25.5k

Yesterdays Steps - 21,028

Give me your feedback ... What did I do well? What did I do bloody rubbish?? Press reply and let me have it

Loads of Mr Self Storage Man Love :-)

Mr SS

PS .... Tell your friends, tell your parents, tell your lover, tell everyone and everyone who will listen to you ;-) ... Heres the link to sign up - www.mrselfstorage.com